Bitcoin rose above $85,000 on Monday, gaining 4.82% intraday. According to Sina Finance, the move was mainly driven by falling oil prices.

Brent crude fell for a fourth straight trading day, marking its longest losing streak in three months. Traders are watching diplomatic efforts between Washington and Tehran to ease tensions, as well as the possibility of restored Middle East oil supply.

U.S. President Donald Trump said in an interview that he was "possibly" willing to meet Iranian President Pezeshkian during this week's United Nations General Assembly.